Global Smart Transportation Market is estimated to reach $278 billion by 2024 with CAGR of 19.4% between 2016 and 2024. Smart transportation is a new approach to design and planning of roadways which would provide the best and safe transport solutions. Lack of safe and quality transportation, poor traffic management, poor road conditions, parking issues and others are the key problems faced by most of the cities. Transit friendly designs would provide support to pedestrians, bicyclists and transit users for regular and safe travel. The benefits include lowered fuel consumption, better air quality, accident mitigation and competent use of emergency services.The use of smart transportation is also expected to help to curb the excess use of private vehicles on limited road space and reduce the carbon emission. Smart transportation also includes network connectivity & access and corridor management.

Growing population, increasing number of vehicles on road, concern over rising greenhouse gas along with increasing adoption of IoT& smart cities are supporting the growth of global smart transportation market. Moreover, increasing need for public safety &security coupled with rising government initiatives also fuel the growth of the market. However, high investment required for constructing smart transportation and long downtime may restrain the growth of the market. Furthermore, growing need for smart cities in emerging economies may provide growth opportunities in the coming years.

The global smart transportation market is categorized on the basis of solution, service and geography. By solution, the market is segmented into parking management system, integrated supervision system, ticketing management system, and traffic management system. Furthermore, by service, it can be segmented into cloud services, business services and professional services.

By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Germany, France and others. Asia-Pacific covers India, China, Japan and others.RoWcovers South America, Middle East and Africa.